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I almost feel sorry for stt1 - he has made huge losses on TLY, buying originally at over £8.
TLY is currently trading at 8.75p.
The company/sector newsflow has been as expected.
MediaMath going bust was expected.
From my previous post, 5th July 2023 16.07.
Lots of Ad Tech companies partner with each other.
Look out for the $millions of bad debt provision. Money trmr won't receive but they will still have to pay to partners they owe to.
Because of the pay inventory works, the full extent won't be known for months. This will snowball as it did with Sizmek.
MM isn't the 1st company to run into trouble and it won't be the last.
This on top of US banks going bust and needing emergency rescue.
For anyone interested in the Tremor Vs LGE/Alphonso court case the latest filings can be found here…. https://iapps.courts.state.ny.us/nyscef/DocumentList?
Docs of interest…at least for me.
Doc 668…. dismantles Defendants opposition to The Hall Damages Report...
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=ZhxspInO0A6RINLQ63g6Ww==
Doc 683… IT IS HEREBY ORDERED THAT Defendant’s Motion in Limine To Exclude Expert Witness David Hall is DENIED
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=BVMx9D94/xlajvC/w8zGgw==
Doc 676… AFFIDAVIT OF JASON (JAY) BAUM
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=ByHNUGsjlP_PLUS_tBSYq02etSg==
Docs 685 and 694…Plaintiffs response to LGE Undisputed Facts
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=oP/H000JIkZ3FA/QsVQUyA==
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=jb3agRfvoeatn0dyiay6pQ==
docketId=j/MKa5jKQOiZ2rhRcKfwfw==&PageNum=9&narrow=
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=oP/H000JIkZ3FA/QsVQUyA==
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=jb3agRfvoeatn0dyiay6pQ==
Often referred to as a scattergun headline posted by an ambulance chasing law firm trolling for business. Just take a look at the amount of Class Action business this Pomerantz law firm alone is trying to drum up, and there are plenty of others out there, link below….
https://www.bing.com/news/search?q=Pomerantz+Law+Firm+Investigates+Claims+On+Behalf+Of+Investors+Of+Tremor+International+Ltd+-+TRMR&qpvt=Pomerantz+Law+Firm+Investigates+Claims+On+Behalf+of+Investors+of+Tremor+International+Ltd+-+TRMR&FORM=EWRE
These guys put the headlines in the appropriate shareholder domain in an attempt to attract the required quorum of interested participants for a class action, usually about 40 aggrieve participants (but can be as low as 20 minimum). All in the class must have exactly the same type of tort. Then a lead person, i.e. a Lead Plaintiff, from the group has to be found willing to put himself out there to act on behalf of the class as a whole. That in itself requires a lot of competence and free time. Another drawback is, any reward/compensation is allocated to the group, not individually. The lawyers take their percentage first from that award. The remainder is divided among the rest meaning those in the class carrying the greatest loss may only recover some of it. There’s nothing extra for the Lead Plaintiff who may have given up months of his life for everyone else’s benefit.
The majority of these Class Action attempts go absolutely nowhere. Like grapes, they just die on the vine.
Some more reading if you are interested …..but if you ask me, best to just turn the light out and go to sleep.
https://www.gacovinolake.com/faqs/does-joining-a-class-action-lawsuit-cost-me-anything/#:~:text=The%20class%20representative%20stands%20for%20the%20other%20class,reimbursement%20for%20these%20fees%20once%20the%20case%20settles.
https://www.forbes.com/advisor/legal/personal-injury/how-start-class-action-lawsuit/
https://www.forthepeople.com/faq/class-action-faqs/what-lead-plaintiffclass-representative-class-action/
I am going with the ambulance chasers trolling (or hired by?) unhappy investors due to the multiple revenue and earnings misses, along with the abysmal (two) forecast revisions.
We must not forget the original forecast of 500 million revenues with 200 million EBITDA they claimed we'd achieve as they (we) paid too much for the Money losing POS Amobee. Mgt TOTALLY screwed the pooch on that one. Big time. These guys need to visit the Perion headquarters which is a mere 8 miles away in Tel Aviv to get a lesson in knowing your business and issuing proper guidance. Not to mention a lesson in how to acquire another company. TRMR mgt do not hold a candle to PERI mgt. Not even close. My cross to bear for going so deep on TRMR, but I've done dumber things (like getting married).
Gdog, Are these just ambulance chasers? Or does their class action mean there was very likely fraud? If there was fraud what was it? Simply that they didn't inform the market in advance of the revenue miss?
Never a dull moment here.
Class action suit being entertained with charges of securities fraud. Wonderful.
https://stockhouse.com/news/press-releases/2023/08/30/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investo30
This is the prize for the extreme greed of the board…annoyed PIs, no institutional buyers and automated short selling. Good job guys. Serves them right. Given this has happened a few times I ask myself if they are stupid, ignorant or just plain greedy. Or perhaps all three.
Dog, re What was your former handle on this board? (I trust we got along?)
We got along just fine. Shared mutual respect I guess, much the same as it is now. With due regard, I'm gonna leave the old handle buried.
Not many from the school of blinkx around here anymore.
Hey Curly,
Great hearing from you, always.
Keep on, hang in there...fingers crossed when the macro turns we'll be in great shape to capitalize.
Radium,
I gave up and bailed on all but 100,000 shares of blinkx, which became 10,000 shares when they did the 1 for 10 reverse split.
After that I paid almost ZERO attention to blinkx (R1) until after we were bought by Taptica. I was going to sell my shares in Taptica but thought I'd do some homework before I pulled the trigger. I liked what I learned and started to acquire more...and more...and more....OOPS.
Now for another question: What was your former handle on this board? (I trust we got along?)
Gdog, I know you from way back. Right from the start in fact. Can't recall the year exactly but I remember you eventually bailed out of blinkx with some angst (to put it mildly). I used a different handle back then and although I stopped posting here and closed my account on this board some years ago, I remained invested. Rejoined here in January 2021.
Hi Dog you are as long suffering as me, back to the days of Autonomy when we were given free shares when Blinkx was spun out and then bought a shed load more. Fortunately I sold quite a few between the 170s and 180s so have never been under water with them. My wife (otherwise known as Head Office) can’t wait for the day when we sell them. I am also going that way, but always the optimist. Hope you are keeping well. Curly.
Radium,
You and I of a similar mindset on this.
Non-relevant question: you said you've been here for 14 years. In what form? My story with this mess goes back even further, pre blinkx days...I am sorry to admit.
I would encourage everyone invested to read this transcript from tip to toe. Link below.
https://www.fool.com/earnings/call-transcripts/2023/08/17/tremor-international-trmr-q2-2023-earnings-call-tr/
The dilemma….Against a background of 4 quarters (some will say 4 years) of over exuberant forecasting and bloated year end revenue predictions, which then morphed into 4 sequential earnings misses and a substantially reduced full year revenue forecast, this transcript from the same guys, who's credibility with investors is all but shot, paints a bright future and jam tomorrow! Again!
Fine and fair, but, after reading the script the question all are left to grapple with is….
is Nexxen now “f***ed” or “futured”?
Extract from OD’s closing remarks, I think now it's time for execution…..It takes some time sometimes. It's not happening overnight…..And we are going to do that during 2024 and going forward. And I feel very secure about the position, the technology, the infrastructure that we have created.
My view….Whereas the sp has been taken to the floor for the time being, the business has not. Four years in the making, Tremor/Nexxen is now a totally re-sculptured state of the art full stack end to end ad tech platform with enormous potential for organic growth, and upon the first meaningful signs of that growth, the lid will lift here but, it’s now obvious to me that time will be a factor. Possibly two years. Macro is a big factor. Not easy to come to terms with that when you have been here fourteen already but bringing major broadcasters and new demand side business on board and building a meaningful additional customer base on the DSP side, in this environment, won’t, as Druker has said, be achieved overnight. It just can’t be done. That process is a slow and sticky one in the best of times, the legals can take months, never mind the move across and it's going to take a fair wind and solid execution to achieve it as well, macro a worry here but, if successful, Nexxen has serious potential. I figure that a clearer picture of success or failure will unfold during 2024 and short of some unforeseen event and in spite of past exasperation and disappointment, my decision is to give these guys a final crack of the whip and the benefit of my doubt. I'll remain invested here through fiscal 2024. My assessment, my decision and my throw of the dice. No advice intended.
I hate to think what the average price for all previous share buybacks was. Or how much we have left in the bank now?
I am not counting on a massive compensation for the Alphonso/LG litigation but would welcome a pleasant surprise.
Jslse….I empathise fully with the content of your post. In fact, it almost identically mirrors the content of the email that I sent to Ofer Druker, Sagi Niri and IR within an hour of Tremor’s conference call ending last Thursday.
Re your…I don't think I need to reply to your posts again as you seem to have a fixed view.
Great!
radium,
you don't need to be an unpaid apologist for ofer.
missing 4+ quarterly targets of his own goals is poor performance in a ceo.
everybody is facing the same macro headwinds etc, he is the only one to fail spectacularly.
he's ****ed up big time but still making big bucks.
a ****ed off pi who will never believe him again but trapped in his web.
i don't think i need to reply to your posts again as you seem to have a fixed view.
jr
Tremor is a Brand serving orientated platform. Linier TV is probably the worlds most powerful channel for Brand serving and in particular, Direct to Customer (DTC) Brand promotion. It’s not new news that “TV” is now converged (both linear and streaming). Eyeballs have moved and sizable linier advertising budgets are now being allocate/diverted to CTV. Extract… As part of the report, TVSquared analysed 20 converged TV advertising campaigns and found that the average audience overlap of linear and streaming campaigns was about 30%. This indicated that 70% of audiences reached via streaming could not be reached via linear alone, further strengthening the importance of brands leveraging all forms of TV. For savvy broadcasters and advertisers looking to combine prestige content with reach and performance, the opportunities offered by converged TV are without equal.
Broadcasters have mega budgets, and they provide all the necessary services for advertisers, brands and agencies and they buy and sell ad space. So, yes, I also think it’s imperative that Tremor/Nexxen attracts broadcasters onto the platform. The Press Release on Thursday was good news, headed, Nexxen’s Cross-Platform Planner Gains Momentum. It’s a useful tool and an important bridge for both parties to leverage Tremor’s full stack services, data and CTV inventory. I hope the early adaptors, A+E, Fox and TelevisaUnivision and their complimentary comments have set the trend for others to follow.
https://www.adexchanger.com/digital-tv/how-nexxen-is-lowering-the-walls-between-linear-and-streaming/
Tremor have been involved with the mass markets, i.e. the growth engines of CTV, for a number of years now.
They also have a certain footprint in smaller, niche markets.
If they have exposure where the global macro-economy is deteriorating then so will others.
This does adequately not explain why tremor are performing below-par.
Still been following TRMR quietly in the background.
One of my reasons for selling was that TRMR was not positioned in the market properly - ie it was aimed at small niche marketers (eg direct to consumer businesses) and small, specialised TV channels (magazine type channels). The big money is in the big market, with the big boys, the mass market. Picking up on the last two results calls, it sounds like they are now re-positioning themselves into the mass market. Getting bigger advertisers and agencies on board, on the DSP side, though, will take some time. Also, as TRMR's raison-d'etre is full stack, both sides, they need the bigger broadcasters on side as well - getting both is a very big ask to get the master plan to work.
The strategy is an existential crisis. If successful, they could sweep the floor, longer term. Getting there, if at all, will take a good few years. Failure is curtains, in no uncertain terms. Until there is organic growth the sp will be sideways at best, more likely continue a down trend. The global macro economy is continuing to deteriorate, with the US facing a currency crisis (32 trillion in debt, re-financed at near 5% interest rate is unaffordable given their tax revenues) and the UK and others not too dis-similar. Pressure on ad budgets is sure to tighten with a very high risk of more earnings misses and downgrades.
This from a review of The Zulu Principle "Mr Slater rightly regards value plays and turnarounds with a dose of suspicion as they frequently turn out to be value traps. The takeaway here is to favour the better growth companies, even if this means paying a rating premium. The book also introduces the concept of running profits and cutting losses which, once one can come to terms with admitting an error, is almost always the best course of action."
I sold between the Q2 and Q3 results last year, at a loss. If I was still in, not sure what I would do now. Feel it was an easier call to make 12 months ago (with hindsight).
Cont...
Pubmatic’s 2Q23 earnings were weak also and forecast to be even lower in 3Q.
Based on Tremors lowered full year 2023 estimate of $320-$330 million and postulation that 4Q would likely be 20% up on 3Q, that extrapolates into a rather flattish 3Q verses 2Q at around $78.6 to $83 million with 4Q 20% up on those figures and nothing much to show on a YoY basis for Tremor for the $239 million it spent on the Amobee purchase.
It’s exasperating. There’s more I could say about Ofer Druker and Sagi Niri but it won’t help my investment here. As I see it, it’s unlikely that Tremor can execute any better than it currently is unless and until the adtech sector reverses out of the prevailing macro malaise that it’s in. My guess, sometime in 2024, maybe sooner, maybe later. Unfortunately there is a pile of unknowns out there that could continue to impact market sentiment.
On a brighter note, if Tremor win damages from the LG litigation it could lead to a special dividend for the long suffering here. Should be done and dusted before the year ends.
My post from advfm
midasx re your...I find it somewhat unbelievable that the first quarter update details copied below were RNS'd on the 30 May 2023, only a month before the end of the second quarter.
How can the projections go so badly wrong within a month?
I’d guess that most have found the above difficult to reconcile but it seems that orders were either pushed out or completely pulled unexpectedly in June, right across the sector, and that was particularly evident in the managed side of the business. It doesn’t look like its recovered since, hence the lower 2H revenue and full year uncertainty. It’s worth reading the Q&A part of Magnite’s Conference Call., Although Magnite is purely an SSP there are a few answers that read-across into Tremor’s market sentiment.
https://investor.magnite.com/static-files/335bcc89-4d19-4f40-83ef-bd279c797634
Extract…Magnite…right now, in a pretty scarce spend environment, there's just kind of flight to quality, flight to security for the buyers and flight to like dealing with the folks they know best. And so that's -- hopefully, that helps you understand, Jason, what we saw.
This sort of confirms Drukers remarks that prospective new clients, especially on the DSP side, are in no mood for moving to another platform in this environment. That process is a slow and sticky one in the best of times. The legals can take months, never mind the move accross.
extract…Daniel Paul Day - B. Riley Securities, Maybe just talk about what's giving you the confidence here to give sort of a soft guide for the fourth quarter CTV revenue. We haven't seen people sort of willing to opine out beyond the current quarter. Is that -- I think you said close to flat year-over-year for the fourth quarter for CTV. Just definitely conversations with advertisers, publishers, just actual visibility at all? Just what is it that's informing that 4Q commentary?
Magnite…yes. I would say, first of all, it's a very cautious approach, but we have spent a lot of time with our sales team, getting feedback from the managed service team. Michael mentioned that some of those campaigns appeared to be paused rather than completely taken off the table. We think that it's sort of, as our sales team described earlier, an air pocket for a few months here. And so we are comfortable with some recovery on the managed service front. cont...
Radium,
LOL!
I wish I could have some thing I can see to grip!
You may well be right. Time will tell.
jr
Jrlse, get a grip.
If you want it straight from me, as I see it, Tremor will not execute any better than it currently is unless and until the ad tech sector reverses out of the prevailing macro malaise. My guess, sometime in 2024. Could be sooner could be later. But we ain’t as ****ed as you imply.